It might be a little more insightful to talk about home ownership costs with respect to the people who’re actually buying those homes rather than the general population. The banks aren’t giving out loans to people who need 91% of their income to make the payments. Next question is how big is the population of the people who can afford those prices vs. the supply of housing? Prices are based on supply and demand, and just because not everybody can afford a Rolls-Royce doesn’t mean that there isn’t a good business in making them.

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